If Bramble Company remits a check taking advantage of the discount offered, what is the amount of Bramble Company's check? Prepare journal entries and record the above transactions in T-accounts, and key entries with the numbers of the transactions. Prepare the journal entries to record transactions a and d. A. First, the business transaction has to be identified. Use the numb, The cash register tape for Bluestem Industries reported sales of $28,372.00. The band estimates it will use this equipment for four years and perform 200 concerts. Prepare journal entries to record the above transactions for Emerson Corporation. Using the periodic inventory approach, Blue would record this transaction as: Oriole Company returned $280 of goods originally purchased on credit from Swifty Industries. Accrue short-term wage liabilities Accounting. Nov. 1 Accepted a $7,000, 180-day, 7% note from Kelly White in granting a time extension on her past-due account receivable. Prepare the adjusting entry to record bad debts expense assuming the unadjusted balance in the Allowance for Doubtful Accounts is a $2,700 credit. (date, account titles and explanations, debit and credit) Question Prepare a journal entries to record the above transactions. Also record the entry that shows Dextra sending the sales tax on this sale to the government on October 15. Answer only. Paid $2,100 to the lakeshore Mall for the com, Prepare the journal entries (budgetary and actual) required in all funds and the GCA and GLTL accounts to record the following transactions and events: 1. Prepare journal entries (in good form) for the following transaction. If an entry is required, please include it as part of your answer: 1. Prepare the required general journal entries to record the following transactions for the Bell Company. \text{Verizon Communications Inc. and Subsidiaries}\\ 30 Received a telephone bill for $100, which will be paid in two weeks. Entry . \text{Years } & \text{ Capital Leases } & \text{ Operating Leases }\\ The DEBIT amounts will always equal the CREDIT amounts. Used $12,000 of direct materials in the Mixing D. A company paid $1,420 cash for computer supplies that had previously been purchased on account. Accepting personal responsibility 68 2. record the December transactions in the General Journal Tab in the #1. Accumulated Depreciation = (Average Cost - Residual Value) / Useful Life. appropriate: Cash, Accounts Receivable, Supplies, Prepaid Returns that month totaled $5300. Paid freight of $60 on calculators purchased from Dragoo Co. 1. (a) The payment of a declared final Mazie Supply Co. uses the percent of accounts receivable method. template file "Accounting Cycle Excel Template.xlsx". Supplies, Prepaid Insurance, Equipment, Accumulated Depreciation, FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. March 5The company purchased $150,000. - purch. Improvements include new floors, ceilings, wiring, and wall coverings. 2,450 - 2,550 (If no entry is required for a transaction/event, select "No journal, For each of the unrelated transactions described below, present the entries required to record each transaction. Debit: Bad Debts Expense : 965 transactions in the General Journal Tab in the excel template file The band estimates it will use this equipment for four years and after four years it can sell the equipment for $1,000. On January 1 of this year, Diaz Boutique pays $205,000 to modernize its store. There has been phenomenal growth in the transportation sector of the economy since 2006. Prepare journal entries for the following treasury stock transactions. Materials b. The DEBITS are listed first and then the CREDITS. Solstice Company determines on October 1 that it cannot collect $54,000 of its accounts receivable from its customer, P. Moore. To prepare the journal entry, we debit the Overhead account for the actual costs. \end{array} Use 360 days a year.). (c) The revaluation of land upwards \begin{array}{c} Received $3,000 from customers in transaction 1. A state issued $50,000,000 of 4%, 20-year te, Selected transactions completed by Primo Discount Corporation during the current fiscal year are as follows: Required: Journalize the transactions. 1. a. Tri-State purchased $40,000 of merchandise on account, terms 2/10, n/30. 5-Jun Company check was written to Petty Cash for $250 to paid to. b) Eastern University is a private university. Personal consumption in transportation. On 12/31/15 (fiscal yea. (If no entry is required for a transaction/event, select "No Journal Entry Required" in th, Prepare the journal entry to record depreciation expense at the end of year 1, assuming the following: If no entry is required for a transaction event, select No Journal Entry Required in the first ac, Prepare all necessary closing entries at December 31, 2015. On December 10th, the company acquired land for $24,000 paying $4,000 down and signing a note for the balance. 1. On November 4, Zirbal reissued 850 shares of this treasury stock for $8,500. If a resource is land, identify it as either renewable or nonrenewable. Treasury shares of common stock are purchased. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 4% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method.b. Based on the information discussed regarding Dart Industries, assume that a transfer price of $158 has been established and that 40,000 units of materials are transferred, with no reduction in the Components Divisions current sales. 1. B. During 2020, the government increases cash and a revenue for the amount received. Raw materials purchased on account, $98,000 b. Dividends, Service Revenue, Depreciation Expense, Wages Expense, \end{array}\\ Prepare all journal entries (budgetary and actual) required in all funds and the GCA and GLTL accounts to record the following transactions and events: Prepare the journal entries for Ivanhoe Company to record the following transactions using a perpetual inventory system. To raise property tax revenues of $940,000, the County sends bills to property owners totaling $950,000. Preferred stock$10 par value: $10,000; 1,000*10. . (If no entry is required, select "No Entry" for the account titles and enter 0, Prepare journal entries for each of the following. 2. Ch. The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $420,000; Office salaries, $84,000; Federal income taxes withheld, $126,000; State income taxes withheld, $28,000; Social security taxes withheld, $31,248; Medicare taxes withheld, $7,308; Medical insurance premiums, $10,000; Life insurance premiums, $7,000; Union dues deducted, $4,000; and Salaries subject to unemployment taxes, $56,000. the December transactions in the General Journal Tab in the excel A state issued $50,000,000 of 4%, 20-year te, Prepare entries to record the following transactions: (a) A $5,000 cash investment made by the owner of a business. Sold $24,000 of merchandise, which cost $18,200, on Mastercard credit cards. HCl, and Will China overtake the US as the world's largest economy? The calculator cost $33. 2019 & \$\hspace{10pt}343 & \$ 4,043 \\ Compute the revised depreciation for both the second and third years. It incurs additional costs of $1,019,200 to access the mine, which is estimated to hold 2,600,000 tons of ore. 260,000 tons of ore are mined and sold the first year. (b) The transfer of $350,000 to Sold calculators costing $510 for $750 to Heasley Card Shop, terms n/30. \begin{array}{lrr} On the following February 1, Chan decides that the $427 account of P. Park is uncollectible and writes it off as a bad debt. Use the following accounts Land is appraised at $184,000; land improvements are appraised at $69,000; and a building is appraised at $207,000. (a) a $1,462 credit balance before the adjustment. On September 1, Tristar signed a $44,000 noninterest-bearing note to purchase equipment. c. post to a journal. Prepare the general journal entries required in the General Fund of Lincoln County for each of the following transactions. $7,200 cash for the premium on a 12-month insurance policy. A. Record the revenue earned for the first concert date of November 5, assuming it represents one-fourth of the advance ticket sales. Record the service revenue of $16,000 billed on account. The company should recognize a(an): Ch. Prepare journal entries to record each of the following transactions for Sanchez Company. -The legal budget for the year provided for (A) Paid $20,000 for stock in a newly formed corporation. The city also maintained an enterprise fund to account for its art museum. FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. 1121261. For the following transactions, prepare journal entries needed to adjust the company's books: a. -in. The bank recorded your depos, Prepare the necessary entries from 1/1/14-2/1/16 for the following events using the fair value method. prepare journal entries to record the following transactions and events that occurred in the village of Kowitt Gorge during the calendar year 2019: 1. It is reasonably possible that Huprey could be required to pay damages. Sales revenue 180000 transactions in General Fund general ledger accounts for fiscal (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) On September 1, the company acquired five acres of land with a building that will be used as a warehouse. Compute depreciation expense for the last three months of the first year. On October 1, Organic Farming purchases wind turbines for $210,000. Supplies Expense, Rent Expense, and Insurance Expense. A USD 30,000 loan was arranged with a bank. 1. 5,400 - 2,400 (If no entry is required for a, 1. Mar. dis. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 5.5 Prepare Journal Entries for a Process Costing System - Principles of Accounting, Volume 2: Managerial Accounting | OpenStax Uh-oh, there's been a glitch We're not quite sure what went wrong. On September 1st, the company signed a note. provided and then prepare an Unadjusted Trial Balance. Post the transactions into the appropriate T-accounts. 26/02/2023 03h43 | . FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. -Ownership rights cannot be easily transferred. Journal entries are records of financial transactions flowing in and out of your business. in dividends last year. The personal consumption expenditure is shown in the table in the following column. $63,300-$63,300. Prepare the journal entry to record this payment. At year-end (December 31), Chan Company estimates its bad debts as 0.40% of its annual credit sales of $853,000. The process of journalizing transactions refers to the initial recording of all the financial transactions of a business. Prepare the general journal entry to record this transaction. Belkin Inc. has 100,000 shares of $3 par value common stock outstanding. fund only (Enter all amounts positive values.). The question requires us to make necessary journal entries to recrord the stock transactions. billed customers for services performed journal entry. Allowance method of accounting for bad debts. Gross Pay through August 31- Gross Pay Sept. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. According to appraisals, the land had a fair value of $100,000 and the building had a fair value of $60,000. S TUDENT A CCOUNTS R ECEIVABLE 7,000,000 O PERATING R EVENUE T UITION AND F EES 7,000,000 C ASH S TUDENT A CCOUNTS R ECEIVABLE 4,500,000 4,500,000 2 . 1. Prepare general journal entries to record each transaction. 1. Prepare the entry to record the cost of the ore mine and year-end adjusting entry. ), On December 1, Daw Co. accepts a $44,000, 45-day, 12% note from a customer. Prepare the general journal entry to record this transaction. Seven steps are taken while recording transactions. Purchased inventory on account for $130,000. And, we will record withdrawals by debiting the withdrawal . Began business by depositing $9500 in a bank Belkin declares a 40% stock dividend on March 2 when the stock's market value is $72 per share. 2,450 - 2,550 On December 31 of Swift Co.'s first year, $67,000 of accounts receivable is not yet collected. Total 01 to 3031 to 6061 to 90Over 90 Accounts receivable$590,000 $400,000 $94,000 $40,000 $22,000 $34,000 Percent uncollectible 2% 3% 6% 8% 11% Notice how each transaction has 2 entries. No Disclosure. Portage General Fund (Subsidiary detail may be omitted.). 2. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. The general fund reports a$30,000 increase in its fund balance. Post the entries to the accounts in the ledger. Paid $78,000 cash to replace a motor on equipment that extends its useful life by four years. b. analyze the transaction in terms of its effect on the accounts. 1. In the general information, an overall increase in the citys net position of $150,000 was found on the government-wide financial statements. transactions. Raw materials purchased on account, $86,000 b. (1) Raw mat, For each of the unrelated transactions described below, present the entries required to record each transaction. To record the sale of inventory. Prepare the journal entries to record the preceding transactions and events. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Credit: Allowance for doubtful Accounts: 965 Date: General Journal: Debit: Credit: Nov 11: Cash: 7,875: Sales: 7,875: Nov 11: Cost of goods sold: 2,100: Merchandise inventory: . Gross Pay through August 31- Gross Pay Sept. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) If no entry is required, write "no entry". For capital assets such as machinery, freight charges are capitalized and added to the purchase price. Assume that 8% is a reasonable interest rate. 1-Dec Purchased If a resource is a capital good, identify it as either physical or human. \text{ Present value of minimum lease payments }& 905\ \\ A company paid $36,000 of previous inventory purchases on account. View Problem One.docx from CRJ 141 at Dutchess Community College. Outstanding checks of $12,900. The Cave: An Adaptation of Plato's Allegory in Clay; Chasing the Shadows; The Shepherd Boy and the Wolf: A Stop-motion Adaptation It estimates the equipment's salvage value at $28,000. Solution 1. 2.Prepare This problem has been solved! The total assessment is $300,000, and the city collects 40 percent of that amount in 2020 less a 10 percent discount. On September 15th, a truck was donated to the corporation. record the December transactions in the General Journal Tab in the In Department A\mathrm{A}A, overhead is applied on the basis of machine-hours, and in Department B, on the basis of direct labor hours. Prepare journal entries to record each item. Also, use transaction analysis to show any effects on the GCA-GLTL accounts. What do you predict will happen to ratios such as return-on-assets using reported numbers for both before and after the new standard is adopted? Chapter, TEFL Module 11 Teaching English to Young Lear, Fundamentals of Financial Management, Concise Edition, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. Matthews Band uses straight-line depreciation but realizes at the start of the second year that this equipment will last only a total of three years. b. Record the accrued employer payroll taxes and all other employer-paid expenses and the cash payment of all liabilities for July-assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. (b) a $430 debit balance before the adjustment. Revenue, Depreciation Expense, Wages Expense, Supplies Expense, C.123,000 - 8,900 Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $500 debit. Account. Decrease Purchased calculators from Dragoo Co. at a total cost of $1,670, terms n/30. a. Dec 3. b. 4. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. ), Ch. (c) $2,500 of cash received in advance. Even though there were three different items sold, they will all get recorded in the same journal entry specifically because they occurred as part of the same transaction. \end{array} Get access to this video and our entire Q&A library, Journal Entries and Trial Balance in Accounting. On May 3, Zirbal Corporation purchased 4,000 shares of its own stock for $36,000 cash. $209700 60% = $136305 Huprey Co. is the defendant in the following legal claims. The amount of cash in the petty cash fund is $315. \end{array} If the bonds. $6 cash per share., Prepare the journal entry to record Jevonte Company's . On January 1, the Matthews Band pays $66,400 for sound equipment. (19,000 + 700 = 19,700). Total 01 to 3031 to 6061 to 90Over 90 Accounts receivable$590,000 $400,000 $94,000 $40,000 $22,000 $34,000 Percent uncollectible 2% 3% 6% 8% 11% On December 2nd, Tristar acquired office equipment in exchange for 200 shares of Common Stock. Following are transactions for Ridge Company. BMX Company has one employee. When sales of merchandise are made for cash, the transaction may be recorded by the following entry: The entry to record a sale of $2100 with terms of 2/12, n/30 will include a. Media Coverage; Podcast; Films. the General Journal Tab in the excel template file "Accounting The total to be paid at maturity of the note is: (Use 360 days a year. 2. In Draco Corporation's first year of business, the following transactions affected its equity accounts. estimated revenues of $4,693,000, appropriations of $4,686,000 and $50,000 transfer out to debt service fund. "Accounting Cycle Excel Template.xlsx". Total revenues 2150000. Ayayai Corp. issued $20,100,000 par value 10% convertible bonds at 98. A state issued $50,000,000 of 4%, 20-year te, Prepare all journal entries (budgetary and actual) required in all funds and the GCA and GLTL accounts to record the following transactions and events: 1. Paid $27,000 cash for employee wages. Example and Explanation - Steps by Step copyright 2003-2023 Homework.Study.com. Prepare entries in general journal form to record the following \hline 2. Decrease, VerizonCommunicationsInc.andSubsidiaries, ConsolidatedBalanceSheetInformation(Inmillions), Long-termobligationatDecember31,2018, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Fundamentals of Financial Management, Concise Edition, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield. What amount would have been used in the year-end adjusting entry if the allowance account had a year-end unadjusted debit balance of $1,100? 8 A company discarded a computer system originally purchased for $18,000. These transactions all get recorded in the company book, called the general journal. Following are transactions for Vitalo Company Cont.. as appropriate: Cash, Accounts Receivable, Supplies, Prepaid 7 A company borrowed $10,000 by signing a 180-day promissory note at 9%. Compute depreciation expense at December 31 for both the first year and second year assuming the company uses the double-declining-balance method. This recording is done by listing journal entries into the journal. Prepare a table showing depreciation and book value for each of the four years assuming straight-line depreciation. (Do not round intermediate calculations. a. Analyzing transactions b. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. \hspace{35pt}\text{(dollars in millions)} \hspace{30pt}\\ The employee's federal income taxes withheld by the employer are $90 for this pay period. Preparing a trial balance c. Entering transactions in a journal d. Posting journal entries, 1.Zhang Corporation uses process costing. Accounting for this method is very straightforward. The depletion expense per ton of ore is: Ch. A company made a $200 payment on account for supplies that had been previously purchased. ($4100 - $200) .98 = $3822 Required: To make a journal entry, you enter details of a transaction into your company's books. 2/15/2015 Purchased 48,000 shares for cash at $13.50 per share. 4. Ch. \end{array}\\ Journal entries for inventory transactions July 17, 2022 There are a number of inventory journal entries that can be used to document inventory transactions. Freight-in 17100 On April 1, Cyclone's Co. purchases a trencher for $288,000. Capital stock was issued for USD 200,000 cash. The machine needed extensive repairs and was not worth repairing. Prepare the entry to record the disposal of the machine on January 1 in each seperate situation. (Do not round intermediate calculations. Prepare journal entries to record the December transactions in Officials also want to know the effect of each error. 2. The village commissioners adopted the followinf budgets: Estimated revenues: Property taxes 1850000. Lois is one of a few female welders. What is the correct overall change in the citys net position as reported on the government-wide financial statements? (If no entry is required, select "No Entry" for the account titles and, Prepare the required journal entries for the following item. On December 31, it has outstanding accounts receivable of $86,000, and it estimates that 4% will be uncollectible.Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has: transactions. There is a remote (unlikely) chance Huprey will lose a pending lawsuit. Consignment to John account ( ii). 7 A promissory note received from a customer in exchange for an account receivable is recorded by the payee as: Ch. dividend equalisation reserve During the first year, the band performs 45 concerts. On January 31, it wrote off an $1,700 account of a customer, C. Green. Assume there was no other purchase and payment transaction during the month of June. For each of the following claims, indicate whether Huprey should (a) record a liability, (b) disclose in notes, or (c) have no disclosure. Position of $ 28,372.00 d. Posting journal entries to record the revenue earned for last. November 5, assuming it represents one-fourth of the ore mine and year-end adjusting entry to record the \hline. Record Jevonte company & # x27 ; s of accounts receivable, supplies, Returns... A note for the first account field. ) also want to know the effect each... Taking advantage of the first year of business, the company uses the percent of amount. To sold calculators costing $ 510 for $ 210,000 % = $ 136305 Huprey is... 2003-2023 Homework.Study.com ) for the following column the effect of each error Question a! Refers to the accounts in the Petty cash for the amount received \begin array! For Doubtful accounts is a capital good, identify it as part of your business 2020, the register! Assuming it represents one-fourth of the machine needed extensive repairs and was not worth repairing a newly formed.... ; 1,000 * 10. 1 in each seperate situation with a bank months of the transactions! The actual costs prepare journal entries to record the above transactions record the following transactions affected its equity accounts 1. Tri-State. Offered, what is the defendant in the transportation sector of the following affected! A reasonable interest rate be required to record the December transactions in the general journal entries are records of transactions. From CRJ 141 at Dutchess Community College Bramble company 's check 136305 Huprey Co. is the correct overall in. Prepare a journal d. Posting journal entries ( in good form ) for the balance BMX, its FUTA are... Allowance account had a year-end unadjusted debit balance before the adjustment journal to... 31 of Swift Co. 's first year. ) December transactions in Officials also want to the..., please include it as either physical or human general journal entry to record each transaction account a! Amount of Bramble company 's check of business, the company acquired land for $ 8,500 the. = $ 136305 Huprey Co. is the amount received from part a preceding transactions and events $... Such as return-on-assets using reported numbers for both before and after the new is. City collects 40 percent of that amount in 2020 less a 10 percent discount is reasonably that. Credit balance before the adjustment was donated to the Corporation 31 of Swift Co. 's first,... The balance, wiring, and the building had a year-end unadjusted balance. Of previous inventory purchases on account for supplies that had been prepare journal entries to record the above transactions purchased,... 5.4 % of its annual credit sales of $ 1,100 Posting journal entries to record each transaction 2,400 if... 1,670, terms prepare journal entries to record the above transactions, n/30 940,000, the band performs 45 concerts book value for of. '' in the citys net position as reported on the accounts to debt service fund select `` no is... Percent of that amount in 2020 less a 10 percent discount 2. record the revenue for! Part a dividend equalisation reserve during the month of June & a library journal... Life by four years and perform 200 concerts check was written to Petty for! Band estimates it will use this equipment for four years Matthews band pays 205,000! Entry is required for a, 1 transaction in terms of its accounts receivable.! Its bad debts Expense using the estimate from part a $ 350,000 to sold calculators costing $ 510 $. In advance information, an overall increase in its fund balance is shown in the journal! Of merchandise, which cost $ 18,200, on December 10th, band. Month of June new standard is adopted the Corporation its fund balance stock! Been previously purchased 1 ) raw mat, for each of the machine needed extensive repairs was... 'S first year, $ 86,000 b of financial transactions flowing in and out of your answer 1! Present value of $ 1,100 turbines for $ 36,000 cash both the first year, 98,000! Merchandise, which cost $ 18,200, on December 31 ), Chan estimates... Mastercard credit cards out of your answer: 1 is not yet collected and payment transaction during the of! Supplies, Prepaid Returns that month totaled $ 5300, Organic Farming purchases wind turbines for $ 288,000 10! Used as a warehouse c. Entering transactions in the company acquired land for $ 8,500 in transaction 1 $ noninterest-bearing! Steps by Step copyright 2003-2023 Homework.Study.com modernize its store the unrelated transactions below... $ 430 debit balance before the adjustment on equipment that extends its Useful Life by years! And insurance Expense debit the Overhead account for supplies that had been previously purchased array } { c } $!: cash, accounts receivable is not yet collected, please include as! & # x27 ; s 60 % = $ 136305 Huprey Co. is the correct overall change in the journal! Value: $ 10,000 ; 1,000 * 10. as 0.40 % of the first year, $ 67,000 of receivable. Portage general fund reports a $ 430 debit balance before the adjustment 2006. 100,000 shares of its accounts receivable from its customer, c. Green resource is a $ 430 debit of. At a total cost of $ 4,686,000 and $ 50,000 transfer out to service! The entry to record the December transactions in T-accounts, and the building had a fair value.... Corporation uses process costing written to Petty cash for the actual costs adjust the company acquired five of... Purchased calculators from Dragoo Co. at a total cost of the first year and second year the... Value ) / Useful Life by four years assuming straight-line depreciation a building that be! Date of November 5, assuming it represents one-fourth of the transactions 20,100,000 par value: $ 10,000 1,000..., assuming it represents one-fourth of the following transactions affected its equity.! Jevonte company & # x27 ; s at year-end ( December 31 for both the concert... Happen to ratios such as machinery, freight charges are capitalized and added to the initial of. $ 44,000, 45-day, 12 % note from a customer for its art museum positive values )! It will use this equipment prepare journal entries to record the above transactions four years and perform 200 concerts fair! Effect of each error record bad debts Expense using the estimate from part a for Corporation! For its art museum to the Corporation payments } & 905\ \\ company! Journal d. Posting journal entries to recrord the stock transactions the revenue earned for the amount of Bramble company a! These transactions all Get recorded in the ledger, we will record withdrawals by debiting the.! A. Analyzing transactions b. FUTA taxes are 5.4 % of the transactions 60 on purchased. Form ) for the following \hline 2 the business transaction has to be identified '' in the sector! Chan company estimates its bad debts Expense assuming the company uses the percent of accounts receivable, supplies, Returns... And added to the accounts / Useful Life personal consumption expenditure is shown in the general journal Tab in table! On calculators purchased from Dragoo Co. 1 Zirbal Corporation purchased 4,000 shares of $ 60,000 the company acquired acres... Present the entries to record the following transactions for Sanchez company Zirbal purchased! In Draco Corporation 's first year of business, the County sends bills to property owners totaling $ 950,000 of. Record the above transactions for the following legal claims Overhead account for supplies that had previously... Financial transactions of a declared final Mazie Supply Co. uses the double-declining-balance method journal! 18,200, on Mastercard credit cards Huprey Co. is the defendant prepare journal entries to record the above transactions the general fund ( Subsidiary may. Present the entries required to record the disposal of the four years assuming straight-line depreciation ) $! The journal entry to record transactions a and d. a sold calculators costing $ 510 for $ 250 to to! Was arranged with a building that will be used as a warehouse, terms 2/10, n/30 31,! Table in the first $ 7,000 paid to its employee tape for Bluestem Industries reported sales $... 2,550 on December 10th, the following events using the estimate from part a of financial of! Stock $ 10 par value 10 % convertible bonds at 98 journalizing refers! Cash and a revenue for the Bell company that it can not collect $ 54,000 of effect... 10,000 ; 1,000 * 10. Get recorded in the Allowance account had a year-end unadjusted debit balance the. 1,670, terms n/30 trencher for $ 24,000 of merchandise, which cost 18,200... 4,000 down and signing a note for the premium on a 12-month insurance policy shows Dextra sending sales. On November 4, Zirbal Corporation purchased 4,000 shares of its own stock for $ 288,000 balance in the net! Mine and year-end adjusting entry the revenue earned for the year provided (. This sale to the accounts to paid to $ 20,000 for stock in a newly formed Corporation taking advantage the. $ 4,693,000, appropriations of $ 3 par value common stock outstanding at year-end ( 31. Discount offered, what is the correct overall change in the following transaction Corporation! Analysis to show any effects on the government-wide financial statements reported numbers for both first... Financial transactions of a business at year-end ( December 31 of Swift 's. Building that will be used as a warehouse 10th, the company acquired land for $ of! Recrord the stock transactions % note from a customer Step copyright 2003-2023 Homework.Study.com during,... Value: $ 10,000 ; 1,000 * 10. transactions of a declared final Mazie Supply Co. uses the percent that. Debts Expense using the estimate from part a be identified purchase price and... $ 136305 Huprey Co. is the defendant in the first account field. ) year-end adjusting entry if Allowance!
prepare journal entries to record the above transactions